Blog

During the Commission meeting on Monday, the funding for the highly talked about Field House was finally pinned down. A bank loan with chamber member CenterState Bank has been approved by the Commission to begin funding the first part of this massive project. CenterState Bank presented two different bid choices, along with bids coming in from five other banks.

It all begins with Phase 1, which was presented at the Commission meeting on Monday night. This presentation includes Phase 1 development, budget, path to completion and financial approach.

Development

Approximately 99,900 sf

6 Basketball/Volleyball Courts

Improved access to Theatre and Rental Spaces

Operational space for Lakeland Magic

545 parking spaces (addition of 275)

Budget Estimate

Interlocal Agreement approved by Winter Haven May 8, 2017 and the BoCC May 16, 2017. The TDC has provided $1M (of pledged $10M) up front to offset design and engineering costs. Furthermore, in consideration of the Lakeland Magic utilizing the Field house as a practice venue, the TDC will contribute an additional $1M (for a toady of $11M).

Design & Construction: $21,775,000

Polk County/TDC: $10,000,000

Winter Haven: $11,775,000

Pathway Towards Completion

Staff is recommending a Construction Manager at Risk (CM@R) delivery method for the project. This involves separate contracts for design and construction services, with both in place during the design. this method allows for continuous value engineering during the design and can also reduce overall delivery time.

DesignRFQ for Architectural ServicesAdvertised: June 12, 2017Closed: July 6, 2017Short List by Committee: Late July 2017City Commission: August 2017

ConstructionRFQ for CM@RAdvertise: Late July 2017Closing: Late August 2017Short List by Committee: September 2017City Commission: September 2017

Request for Proposals from Financial Institutions Advertised: June 5, 2017Closed: June 23, 2017

June 5

Financial Advisor issued RFP

Loan not to exceed $25,225,000

Loan secured by pledge to budget and appropriate funds

Loan period 20 years

June 23- Five bids received:

Pinnacle Public Finance

Capital One Financing

Sterling National Bank

Sun Trust Bank

CenterState Bank

June 28 & 29- Staff, Financial Advisor, Bond Council and City Attorney met via conference calls to discuss bids. The consensus of the group was to recommend CenterState's offer.

RFP Responses

Loan Amount Pledged: $25,225,00

The loan amount pledged is based on a project amount of $25M. Given that the completion estimate is based solely on the master plan and the uncertainty of the construction market, staff recommends this amount to allow for contingencies. Any funds not used could be allocated for other projects as selected by the City Commission.

Principal Payment Option

Financing Action To Be Taken

Two Decisions:

Financing amount $25 m or $22 m

Defer principal one year or not: July 10, 2017

Rate Lock: July 24, 2017Loan Agreements: August 14, 2017Closing: After August 14, 2017

Fire Station #3

After this project is completed, if there is any left over money, a third permanent fire station will be added to Cypress Gardens Boulevard. The land where the desired fire station would be placed is already owned by the City, but would still cost them $3.1 million to make it happen.